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What Lies Ahead For Credo Technology Group Holding Ltd (NASDAQ: CRDO) In 2022?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares, rose in value on Wednesday, 08/03/22, with the stock price up by 4.92% to the previous day’s close as strong demand from buyers drove the stock to $16.00.

Actively observing the price movement in the last trading, the stock closed the session at $15.25, falling within a range of $15.51 and $16.20. Referring to stock’s 52-week performance, its high was $18.00, and the low was $8.61. On the whole, CRDO has fluctuated by 39.37% over the past month.

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As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.03, which is expected to increase to $0.04 for fiscal year $0.15 and then to about $0.5 by fiscal year 2024. Data indicates that the EPS growth is expected to be 225.00% in 2024, while the next year’s EPS growth is forecast to be 233.30%.

Analysts have estimated the company’s revenue for the quarter at $45.7 million, with a low estimate of $45.45 million and a high estimate of $47.01 million. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $203.49 million, representing an increase of 91.10% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CRDO currently trading nearly 29.31% and 32.98% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 69.27, while the 7-day volatility ratio is showing 8.98% which for the 30-day chart, stands at 7.44%. Furthermore, Credo Technology Group Holding Ltd (CRDO)’s average true range (ATR) is 1.05.

Data on historical trading for Credo Technology Group Holding Ltd (NASDAQ:CRDO) indicates that the trading volumes over the past 10 days have averaged 1.11 million and over the past 3 months, they’ve averaged 533.25K. According to company’s latest data on outstanding shares, there are 144.50 million shares outstanding.

Nearly 4.40% of Credo Technology Group Holding Ltd’s shares belong to company insiders and institutional investors own 26.60% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 7.09 million shares as on Jul 14, 2022, resulting in a short ratio of 16.1. According to the data, the short interest in Credo Technology Group Holding Ltd (CRDO) stood at 4.88% of shares outstanding as of Jul 14, 2022; the number of short shares registered in Jun 14, 2022 reached 5.76 million. The stock has risen by 37.34% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CRDO stock heading into the next quarter.

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